3ev Raises Rs 120 Crore Series A Led by Mahanagar Gas to Scale EV Three-Wheelers

Overview

• The Bengaluru-based manufacturer closed a Rs 120 crore round led by Mahanagar Gas Limited, which invested Rs 96 crore.
• Thackersey Group contributed Rs 10.46 crore and Equentis Angel Fund put in Rs 8.15 crore, with the balance from HNIs, UHNIs and family offices.
• 3ev will use the capital to expand manufacturing capacity, roll out its 3C division for charging, care and conversions, and deepen supply‑chain integration.
• The company reported FY25 sales of 834 vehicles, up from 438 in FY24, with revenue rising to Rs 54.7 crore and guidance for Rs 65 crore and a positive EBITDA margin.
• 3ev operates as an OEM of electric three‑wheelers with a battery‑as‑a‑service platform, and it plans R&D on regenerative braking, advanced materials and solar‑enabled cold‑chain technologies.